Aveva Group Plc shareholders voted in favor of Schneider Electric SE’s offer for the UK software company.
(Bloomberg) — Aveva Group Plc shareholders voted in favor of Schneider Electric SE’s offer for the UK software company.
Schneider increased its bid to £32.25 per share earlier this month, valuing Aveva at £9.86 billion ($11.9 billion).
Aveva said Friday 83% of shareholders voted in favor.
Schneider, which already owns about 59% of Aveva, had said the latest price will be its final offer unless a rival bidder emerges. The French industrial conglomerate was battling claims from some investors that its bid was opportunistic after a rout in technology stocks this year.
Hedge fund Davidson Kempner Capital Management, which was building a stake in Aveva, as well as M&G and Canada’s Mawer Investment Management, were among the shareholders who resisted the deal at the previous price.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
